The U.S. Senate on Wednesday passed a measure to block retirement account managers from considering environmental, social, and corporate governance principles (ESG) when evaluating investments in retirement plans.
The joint resolution measure, approved in a 50-46 vote, aims to overturn a Labor Department rule that currently allows fiduciaries to consider those factors. But it's set to be blocked when it arrives at the White House in what would be President Biden’s first veto since taking office.
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it sad because when I got my first serious adult job with a 401k and employer match, there was a "social index" fund that purported to be ethical. it had larger management fees (because of course). when I looked at it, I was puzzled that it's biggest exposure was to like McDonalds and Coca-cola and various pharmaceuticals.
it was the only fund I could find that claimed to value something besides some ratio of risk:growth, and apparently all it didn't invest in were alcohol, tobacco, or weapons.